Is Cryptocurrency legal in India ?

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Cryptocurrency is a digital asset which is a virtual currency which uses secured cryptography. This makes cryptocurrency hack proof and reliable. Many of the cryptocurrency is decentralized using blockchain. There is a ledger which consists of information of the transaction which is connected to millions of computers worldwide. Block-chain consists of two keys which are public-key and private key which is used as an address to do the transactions.

Cryptocurrency is legal in India and the government is taking initiative in making regulations and guidelines to control the system of cryptocurrency in the economy. There is a risk of circulating the black money using cryptocurrency in the economy. Because of this risk, guidelines will be there in countries like India to avoid the illegal activities.

The total cryptocurrency of the world went into a huge depression on Wednesday due downfall 1 trillion market capitalization and it was biggest amount in the platforms, Most of the cryptocurrency have been recovered from this huge impact Bitcoin, Ethereum and Dogecoin were also in the huge depression.

There has been a lot of confusion in India regarding the cryptocurrency in India that’s the reason it is oscillating to and fro in India. The people are not adopting the cryptocurrency because of fear of losing their money. Apart from it, it is not much understandable to the Indian population regarding the cryptocurrency. It might be because of the less awareness among the people.Although youngster are bit interested in cryptocurrency and getting indulge in knowing it.this shows a positive sign to the cryptocurrency market because most of the population of India are youth and if you are taking interest then there is surely a chance to be accepted in India. The news has also come that the ban of cryptocurrency in India has been dropped by India. India must follow the path of Europe where they implemented the cryptocurrency by understanding it by the help of the study and then made strict guidelines within which the cryptocurrency business can be initiated. The government of India has also taken a good step by classifying the crypto into asset class so that the person who owns the crypto will be considered as asset purchase. Then it could be traded legally across the world as it has been registered in the Indian government eye and has some value within the economy. The problem lies in India is that crypto has not been banned in India but it has been regulated by the Indian government. Government is afraid that if we do not regulate crypto then it could suck all the black money and then could be easily changed to white mine.. This would be a loss of the economy because if the money is laundered then inflation will rise rapidly and the country's people will have to face the consequences. Once the government will make policies regarding crypto I would be easy to analyse the positive effect of crypto. The Mutual fund trend shows that people are always trying to neglect the new things that are happening around because they are afraid that it could fail and their hard earned money will be down the train. But crypto has a different fund. It works one the fundamentals of scarcity because if there will be scarcity of anything then there will be high prices. Because the cryptocurrency is less in the market means that the prices will be high. If the customer will increase then prices will be higher which will result in more prices this.this will help the currency holder to earn in multiples because if the holder wants to sell it then it could be sold at higher prices. But the people and government are not taking initiative to purchase because they do not know the result of it. There are a lot of platforms where you can buy and sell crypto just at the click of the button. It is not like the stock market where you need to wait for a specific time to buy and sell rather it is available 24X7.

The buying and selling process of crypto also has been made quite easy so that nobody faces problems in buying and selling of the currency. If the government takes initiative in launching crypto in India then crypto will help many people grow their wealth.

Benefits

  • Funds transfer will be hassle free and there will be no need for a bank account or credit card.
  • It is cheaper as compared to other online transactions.
  • Payments are safe and secure
  • These minimum processing fees.

Drawbacks

  • It can be used for illegal transactions, it can be used for money laundering and we will not be able to find the source.
  • If the data gets lost then there will be huge financial loss.
  • Although it is decentralized it is being operated by various operators worldwide which may cause data leak.
  • Mining causes lots of electrical expenses which may lead to increase in carbon footprints.

FAQ

Where can I buy Cryptocurrency in India ?

Answer – You can buy cryptocurrency in India by using an Online wallet, there is a private key regarding the wallet.

How can I trust coins for Investment ?

Answer – If you do proper research and invest you can get to know that it has a special encrypted system to provide you safety and security from the fraud.

Updated: November 27, 2020
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      19th November 2019, 10:07 am
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